Report Title:
Kukui Gardens
Description:
Appropriates funds to purchase a property interest to acquire the Kukui Gardens rental housing complex. Authorizes the issuance of general obligation bonds. (SD1)
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
667 |
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TWENTY-FOURTH LEGISLATURE, 2007 |
H.D. 1 |
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STATE OF HAWAII |
S.D. 1 |
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A BILL FOR AN ACT
RELATING TO KUKUI gARDENS RENTAL HOUSING COMPLEX.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that the Kukui Gardens rental housing complex has served the community for several decades and has provided affordable housing at reasonable rates for many local residents. The master lease that controls the complex, however, is due to expire in a few years, placing the tenants of the complex's eight hundred fifty-seven units in jeopardy. Considering the tight rental market in Honolulu and the growing homeless problem, it is incumbent upon the legislature to ensure that Kukui Gardens remains affordable for many years to come.
The purpose of this Act is to preserve affordable housing by:
(1) Authorizing the issuance of general obligation bonds for the purchase of real property at Kukui Gardens; and
(2) Appropriate funds for the purchase of a property interest in real property at Kukui Gardens.
SECTION 2. The director of finance is authorized to issue general obligation bonds in the sum of $ or so much thereof as may be necessary and the same sum or so much thereof as may be necessary is appropriated for fiscal year 2007-2008 to acquire an interest in the land and improvements of the Kukui Gardens property, tax map key (I) 1-7-26:07.
The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act.
SECTION 3. There is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2007-2008 to acquire an interest in the land and improvements of the Kukui Gardens property, tax map key (I) 1-7-26:07.
The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act.
SECTION 4. This Act shall take effect on July 1, 2020.